but actually they have loosened already the rules over a couple of years as we can see from russia, canada, u.s. and most countries in europe. so they want those companies to be listed in hong kong, not just those state own company to boost the stock market. >> will they just make it easier? >> definitely easier to list it in hong kong, but still they need to fulfill some of the listing requirements such as if you want to be listed in the main board, there is a three test you need to pass. if not, only some of the resources comes, some of the restriction. but overall why notally speaking, some of the worldwide company like prada, they're doing quite well. so i think this is one of the growth generating points. >> picc might be on its way. what will happen to that? >> as you said, the ipo market is doing well recently. up 12%. one of the casual dining chain prettier. and picc will be the biggest ipo in hong kong this year. it's priced reasonably at 1.2 to 1.5 in price. but we can't compare to its peer because their major business is not life business. they focus more on casualty and propert